White House trade advisor pressures Wall Street's major banks, calling on JPMorgan Chase CEO Jamie Dimon to lower credit card interest rates.

The White House is stepping up pressure on JPMorgan Chase CEO Dimon to lower credit card rates. This move comes from President Trump's latest stance on addressing high cost of living issues. White House trade adviser Peter Navarro publicly criticized Dimon in an interview on Thursday, saying, "Dimon, bring down the credit card rates. Charging Americans rates of 22%, 25%, or even 30% is hurting consumers. The President wants you to lower these rates." Navarro also stated that Dimon should refrain from commenting on other public policies until the rate issue is resolved. Trump previously proposed capping credit card rates at 10% for a one-year period. This proposal has faced opposition from several large banks and credit card issuers. Dimon warned last month that forcibly setting rate caps could lead to an "economic disaster" in the U.S. and force many lending institutions to tighten or even cancel consumer credit limits. Several bank executives have pointed out that if rate caps are implemented, consumers with poor credit records will be the first to lose access to credit cards, forcing them to turn to higher-cost and higher-risk alternative financing channels, such as payday loans. Despite strong opposition from Financial Institutions, Inc., Trump has recently been making frequent demands for price reductions or price controls in various industries such as finance, housing, and food, attempting to show voters his active response to cost of living pressures before the midterm elections in November. Multiple polls show that Americans generally view the economy as the most important issue at present, but they do not rate the President's handling of economic issues highly, posing a greater challenge for the Republican Party to maintain control of Congress.